Embedded Fintech Services Platform Colendi acquires London-based Enterprise Blockchain Company SETL

by James · July 16, 2022

Colendi, the fastest growing embedded fintech service platform in Turkey and surrounding regions, announces its acquisition of London-based blockchain settlement and payment provider SETL. Launched in 2015, SETL is one of the world’s leading blockchain companies known for its high-profile work with selected central banks and T1 financial institutions. In December, SETL announced a partnership with SWIFT in an interoperability Proof of Concept and tested its 1m TPS blockchain to operate a Regulated Liability Network (RLN) with AWS.

After completing a $ 38 million Series A financing round in September last year, Colendi continues to build from strength to strength, and with the SETL acquisition and the services that will be offered under the Colendi umbrella, he will position the company as an important player in the company. the market for blockchain solutions.

As part of this combination, the SETL / Colendi company is preparing a new public blockchain infrastructure that will be used to host native tokens and smart contracts for Colendi’s current 10+ million users. This architecture will be integrated into the Colendi wallet and available to all Colendi users as the company expands its services to investments, messaging services, games and many other apps that are currently under development within the Colendi ecosystem. A native network token offering is expected soon, which supports a 2023 launch.

Interoperable with SETL’s 1 million TPS interbank offering, the new decentralized network is expected to be EVM compliant, capable of supporting cross-chain connectivity, and naturally supporting popular formats for NFTs and other tokens.

The network will bridge the gap between public and private blockchains by allowing regulated institutions to distribute nodes that can selectively participate in public transactions while maintaining their own permitted general ledger.

Anthony Culligan, SETL’s Chief Engineer, noted: “This initiative links the work we do with enterprise blockchains to a robust and secure public blockchain environment. Many of our RegFi clients are looking for a route from internal private blockchains to a public shared environment. . “

“We are pleased to welcome SETL to the Colendi family and look forward to leveraging their formidable blockchain technology to the benefit of our users. We see a future where your financial interactions are built into your experience, whether you play, trade, invest or save, commented Colendi’s Chairman of the Board, Ian Hannam, and CEO, Bulent Tekmen.

Sir David Walker, SETL Chairman, added: “Colendi is just the right partner for us. Their phenomenal growth shows that they understand and embrace the changes that pervade financial services. We bring the right technology at the right time to create a globally decentralized network who can carry out our common vision.

SETL CEO Philippe Morel added: We will of course retain our prominent role in RegFi, and bring Market Infra, Asset Management and Payments solutions to regulated financial institutions. RegFi still represents 99% of worldwide financial flows! But as a leading financial technology company, SETL could not ignore DeFi. With Colendi, we prepare for RegFi / DeFi convergence. And we want to offer our RegFi customers the opportunity to securely connect to a public blockchain ecosystem

About Colendi:

Founded in 2020 by Turkish entrepreneur Bulent Tekmen, Mihriban Tekmen and British financier Ian Hannam, currently operates over 10 million wallets with integrated payment, credit and investment services. In total, Colendi’s exclusive partnerships with leading consumer-oriented companies, including Turkcell and Migros, will enable them to eventually access over 50 million unique users spanning the international markets. The recent launches of Colendi’s asset management and credit platforms introduce a similar requirement for a differentiated tokenization platform both to create new financial products and to expand the financing options available to support the growth of the credit business.

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About SETL:

a UK domiciled partnership between the company’s founders and selected international Tier 1 banks, specializes in developing proprietary digitization and tokenization platforms for regulated financial institutions and central banks. These platforms are designed to be at the forefront of RegFi and DeFi / Web3 innovation, while incorporating regulatory, compliance and security requirements from these leading financial institutions with equivalent or superior speed and functional characteristics to industry-leading platforms. SETL has a 7-year track record of developing financial solutions for RegFi players, either on its own super-high-speed blockchain, or on most other industrial DLTs.

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Name: Hicham Sbaa
Company: Proleo.io
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